PROPERTY REPORT: Property firms prepare for year of hot competition in 2008

It is a good time to buy property in Thailand. Banks are lending to Thais & property prices are GOOD. Thailand SET index has also been dropping as foreign investment is tending to shift to other countries. The situation with The Baht, is better than in the West due to Thailand keeping foreigners out from speculating. This means foreigners cannot buy land and escalate the prices like in the West where properties have gone well out of proportion on the 3:1 ration of payments to salaries. This has in fact kept properties in Thailand to a subsistence level and allows people to buy at reasonable prices apart from overseas companies speculating on land developments for condos with thai partners. Condos are the same and we will soon have reports on Pattaya, Phuket and Bangkok, Chiangmai for you..

.LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai 
To date foreigners may own

  - a unit in a registered Condominium

  - a building (as distinct from its land)

  - a registered leasehold of up to 30 years for all types of titled land (and/or buildings).

  - a company can purchase land and buildings only.

  - more than 49% of a condominium unless in Company form.If BOI status different

 - foreigners can own land being not over 49% in a proper Business orientated company but cannot secure a mortgage. Under BOI can buy.

  - if you invest 40m baht you can buy 1 Rai of land in Thailand outright

A 30-year lease can be a good idea with right to renewal to a freehold purchase, or a Thai company (7 PARTNERS) can be established with Thai majority shareholders. Foreigners only own 49% shares in a company but there are restrictions and rules to this as you must have a business running and audited. The other way is to lease for 30 years with R of R or to use an Usufract or superficies to assist you. We can assist you to make sure your company is safeguarded. Remember if you need advice ask us.

USING OUR SERVICES BUYING A PROPERTY ANYWHERE IN THAILAND:

We receive our commissions off the seller or landlord and no added charges are imposed on you the buyer or renter. What we make sure is you get a professional service with no hidden costs, plus we help you with your lease agreements and oversee everything you need. You may have a Thai friend who says they can get you a better deal. Unbeknown to you they may be getting a commission or scheme --can you read Thai??. Using our services we guarantee that the lease and selling documents are in order as we have our own Barrister at Law. Please do not ask us for mortgages as we cannot help.WE ARE BOTH FOREIGN AND THAI OWNERSHIP

FOR ALL FOREIGNERS BUYING HOUSES IN THAILAND AND PROPERTY. ASK US FOR FREE THE BEST WAY TO BUY FOR YOUR CIRCUMSTANCES. YOU WILL NOT BE DISAPPOINTED.

Bangkok Bank lends money to foreigners for mortgages on Property in Thailand

Top News: PP party may cull the Business Act changes to allow foreigners to buy in Thailand 2008

 

Bangkok Bank is the first bank in Thailand to provide home loans to non-residents. We understand the regulatory requirements and can help you finance your property purchase. Talk to one of our staff about your dream home! Bangkok Bank offers a range of loan options tailored to meet your needs. We offer flexible lending and attractively low interest ratesorrow up to 70% of the condominium’s appraised value or up to US$800,000

• Loans can be denominated in one of four currencies – US Dollars, Singaporean Dollars, Euros and Japanese Yen
• Repayment term up to 20 years
• Competitive interest rate options available
• Loan approval within two weeks of application

BANGKOK BANK LOAN FEES:

The processing fee for this loan is USD 1,750 or equivalent. USD 150 or equivalent of this fee is payable upon submitting the loan request, and the final portion of the fee USD 1,600 or equivalent is payable upon signing contract.

All other expenses such as legal, mortgage costs, valuation fee and fire insurance premium shall be borne by the borrower.

 

 

Applying for a Home Loan:
Foreigners who wish to purchase condominium in Thailand can now get assistance from Bangkok Bank, the first Thai bank to provide home loans to non-residents. Whether you want to be in the heart of the city or out in the provinces, we can help you become a homeowner. Simply walk into any one of the following Bangkok Bank branches and talk to one of our Home Loan staff about owning condominium in Thailand.

• Head Office Branch on Silom Road Tel. 0-2626-3084,
  0-2230-1724, 0-2230-1036
• Bukkhalo Branch Tel. 0-2468-3485
• Chaeng Watthana Road Branch Tel. 0-2962-2518
• Ratchathewi Branch Tel. 0-2216-1577
• Bang Kapi Branch Tel. 0-2252-2888
• Emporium Branch Tel. 0-2664-9291
• Siam Square Branch Tel. 0-2251-8546

Singapore Branch Tel. (65)-6410-0406
E-mail Address: hl.sg@bbl.co.th

FOREIGNERS NEED THE FOLLOWING DOCUMENTS WHEN APPLYING FOR A LOAN TO BUY PROPERTY IN THAILAND WITH THE BANGKOK BANK:

Take the following documents with you when you apply for a loan at the branch.
1.  Completed Mortgage Loan Application Form
2.  Copy of I.D. card (front and back) / passport (essential pages)
3.  Signed copy of your Sales & Purchase Agreement or Reserve Agreement
4.  A reference letter from your existing bank, addressed to Bangkok Bank Public Co Ltd confirming your relationship with the bank, type of account you hold and the value of any loans or deposits you hold with the bank.
5.  Your last six months worth of bank statements
6.  A Credit Bureau Report from your country of residence
7.  For employees: A letter from your employer, addressed to Bangkok Bank Public Co Ltd confirming your employment position, the number of years you have been employed and your salary, your last two years’ of Income Tax Returns and the last six months’ worth of computerized pay-slips
8.  For Self-Employed individuals: The Balance Sheet Profit & Loss Statements from the last two years
9.  Others documents upon request


Note:
-  Approval of a loan is subject to the evaluation of an applicant’s financial standing, repayment ability and at the bank’s discretion.
-  The terms listed above are subject to change without prior notice.

DOWNLOAD THE BANGKOK BANK LOAN APPLICATION FORM

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